This is the first year my wife and I are going to be intentional about real estate investing and we are excited for the future!

What @George Azita said is ludicrous as a whole, there are bad agents who have commission breath, but good real estate agents on the buyer side aren't trying to hustle you into any property as an investor (that would be short-sighted), they try to make sure it's a great deal so you keep buying.

I have intentions on going route #2.

It's ok though I kind of went into this with the intent of using for our family too so even though we are taking a loss on it our family loves it and we come up often.

I have sent Intents to Foreclose on several properties in Arizona. 

As his intent was to flip the property, taxation of the gains is exactly the same regardless of how long (or short) of a time he held the property.

I live it, know it and breathe it.I currently work for All Elements roofing as a sales rep, specializing in flat, shingled in standing seam roofing in the Twin Cities.

I understand your intentions, but this could easily be construed as fraud.Be thankful you didn't get caught, Jeremy.

Either way, due to emotions and only owning half, you need to talk to your family and be very upront, honest and open about your intentions.

If you purchase with the intent of making it a rental you can "do all the same research" for rentability with the added benefit of being local.